U.S.-Korea Business Council Welcomes Announcement on Implementation of U.S.-Korea Free Trade Agreement
Washington, D.C.-The U.S.-Korea Business Council hailed the announcement today by the United States Trade Representative that U.S. and Korean negotiators have agreed that the U.S.-Korea Free Trade Agreement (KORUS FTA) would enter into force on March 15, 2012.
"We applaud the Administration and the United States Trade Representative for putting American jobs first and acting expeditiously to implement the KORUS FTA," said William Rhodes, chairman of the U.S.-Korea Business Council and senior advisor to Citi. "This gold standard agreement will not only stimulate U.S. jobs and boost our exports, it will also open a new era of cooperation and two-way investment between the United States and South Korea so that American workers, farmers, manufacturers, and service providers can reap the benefits of this agreement."
"The U.S.-Korea Business Council looks forward to working with the thousands of U.S. companies that are interested in doing business with Korea to help promote their innovative products and services abroad," said Tami Overby, president of the U.S.-Korea Business Council and vice president for Asia at the U.S. Chamber of Commerce. "We commend the business community for keeping this agreement a top priority over the past five years, and urge the administration to build on the positive momentum of the KORUS FTA to further the U.S. trade agenda."
The U.S.-Korea Business Council is the premier business organization promoting the bilateral relationship between the United States and Korea, and has been leading the charge on completing the KORUS FTA since the agreement was announced in February 2006. Hosted by the U.S. Chamber of Commerce, the council served as secretariat of the U.S.-Korea FTA Business Coalition, a group of more than 1000 U.S. businesses and associations that successfully advocated for Congressional approval of the KORUS FTA.